Some insurance companies specifically exclude bicycles from theft coverage or, if they are covered, will only cover the current market value not including any upgrades or accessories. If you do file a claim for theft, your premiums will likely go up for several years. Even at $10/mo for five years that's $600 + your deductible out of pocket. Unless your bike is worth significantly more than your deductible plus the increased premiums, it isn't worth filing a claim.